August jobs report massively disappoints as only 235,000 positions added against Dow Jones expectations of 720,000;

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Job creation for August was a huge disappointment, with the economy adding just 235,000 positions, the Labor Department reported Friday.

  • August’s total — the worst since January — comes with heightened fears of the pandemic and the impact that rising Covid cases could have on what has been a mostly robust recovery. The weak report could cloud policy for the Federal Reserve, which is weighing whether to pull back on some of the massive stimulus it has been adding since the outbreak in early 2020.
  • “The labor market recovery hit the brakes this month with a dramatic showdown in all industries,” said Daniel Zhao, senior economist at jobs site Glassdoor. “Ultimately, the Delta variant wave is a harsh reminder that the pandemic is still in the driver’s seat, and it controls our economic future.”
  • Retail lost 29,000, with the bulk coming from food and beverage stores, which saw a decrease of 23,000. “The labor market recovery hit the brakes this month with a dramatic showdown in all industries,” said Daniel Zhao, senior economist at jobs site Glassdoor.

SOURCE: CNBC

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